A decade of the Belt and Road Initiative's development writes a story of building the Silk Road

2023 marks the 10th anniversary of General Secretary Xi Jinping's proposal to jointly build the BRI. Over the past decade, as the BRI develops, Sinopec has aligned with global trends and upheld the principles of "joint consultation, joint construction, and shared benefits" to deepen international energy cooperation, forging strong, multifaceted, in-depth partnerships with BRI-participating countries and establishing a long-term, sustainable, and people-centered cooperation model. These efforts have contributed to the high-quality development of the BRI, achieving new milestones. In October 2023, Sinopec released its first Sinopec Corporate Social Responsibility Report on the 10th Anniversary of Supporting the Belt and Road Initiative, showcasing its commitment to promoting sustainable development in participating countries over the past decade.

Pursuing mutual benefit and win-win cooperation to shape a new landscape in energy development

Over the past decade, Sinopec has served the BRI by leveraging its strengths in energy technology to promote comprehensive collaboration across the entire energy value chain—from exploration and development to refining, storage, and engineering services, contributing to global energy stability and providing momentum for the industry. The Company has also completed many high-quality projects, including the Yanbu Oil Refinery in Saudi Arabia, the Azur Oil Refinery in Kuwait, the aromatics and oil deep-processing facilities at the Atyrau Oil Refinery in Kazakhstan, the AGCC and Apache projects in Egypt, the Udmurtia Petroleum Corporation (UDM) project in Russia, and a lubricant production facility in Singapore. Additionally, Sinopec has expanded its presence in energy markets across Thailand, Singapore, Malaysia, and Kazakhstan, playing an important role in enhancing energy security and driving regional economic and social development.

Sinopec and Saudi Aramco signed memorandum of understanding for the "Yanbu Oil Refinery+" project

In October 2023, Sinopec and Saudi Aramco signed a memorandum of understanding in Dhahran, Saudi Arabia, to collaborate on the "Yanbu Oil Refinery+" project. This large-scale petrochemical initiative aims to convert liquid raw materials into chemical products, featuring the construction of a new 1.8-million-tonnes-per-year ethylene cracking unit along with downstream derivative units, which will be closely integrated and optimized with the existing Yanbu Oil Refinery, China's largest investment project in Saudi Arabia. The "Yanbu Oil Refinery+" project sources its primary raw materials from the Yanbu Oil Refinery and manufactures essential products, including polyethylene, polypropylene, benzene, and paraxylene (PX), to meet the chemical product demand in major global markets. This project will further advance the "Yanbu Refinery+" project and support Saudi Arabia's energy transition, contributing to the achievement of the Saudi Vision 2030.

Protecting the environment to create a "green ribbon" for harmonious development

Over the past decade, Sinopec has prioritized harmonious coexistence between people and nature, consistently upholding green and low-carbon principles across its initiatives under the BRI framework. The Company has also actively explored models that integrate environmental and economic growth in BRI-participating countries, promoted green economy practices, engaged in ecological protection efforts, and collaborated with participating countries to jointly build a beautiful Silk Road. In Ecuador, Sinopec has employed rock debris reinjection technology to protect the South American rainforest, known as the "Lungs of the Earth". In Brazil, Sinopec has implemented the "Full-Excellence Project" for comprehensive vegetation protection and several Atlantic coast vegetation protection initiatives, paving the way for green development.

Clean energy drives the "Green Middle East" initiative

Sinopec has actively supported the "Green Middle East" initiative and the region's green development strategies by advancing green and low-carbon construction. The Company has also continuously improved its green operations and implemented environmental protection measures, contributing to the overall progress of the "Green Middle East" initiative.

In Saudi Arabia, the Saudi IBB synthetic ammonia transformation project undertaken by the Sinopec Engineering Group has significantly improved production stability and environmental performance for the Saudi Arabian Fertilizer Company, while effectively reducing pollutant emissions from the facility. Furthermore, Sinopec International Petroleum Service's Saudi Branch has organized tree-planting initiatives, successfully cultivating over 5,000 trees. The SINOPEC351 geophysical exploration team has also contributed by actively participating in the "Million Seed Target" initiative, while the Saudi Project Department of Sinopec Nanjing Engineering Company has planted a total of 15,000 trees around the project site. In a separate effort, the Fifth Construction Company of Sinopec Engineering Group has launched a "Marine Civilization Construction" campaign.

In Kuwait, the SINOPEC271 drilling team from the Kuwait Branch of Sinopec International Petroleum Service Corporation has implemented several green drilling initiatives, achieving a 14% reduction in diesel consumption compared to other teams and effectively promoting the environmental protection concept of green drilling. Additionally, the corporation's Kuwait North China Project Department has organized various environmental protection activities.

Commitment to building a prosperous and shared path to happiness

Over the past decade, Sinopec has consistently dynamically integrated economic development, job creation, and poverty alleviation by prioritizing local employment and procurement, maximizing opportunities for employment and partnerships, and enabling employees to realize their self-worth. With a strong commitment to respecting and promoting cultural diversity, the Company has worked to preserve community traditions and heritage while fostering communication and mutual understanding among employees of various nationalities and backgrounds. Additionally, Sinopec has been attentive to local community needs, engaging in infrastructure development, supporting healthcare initiatives, and actively participating in public welfare and charitable activities, thereby contributing to the achievement of the United Nations' Sustainable Development Goals.

The "China Bookshelf" was set up at the Sinopec Middle East R&D Center, Algeria's Zarzaitine Oilfield, and the University of Algiers 1, using books as a medium to tell Chinese stories.

The Apache Project undertaken by Sinopec International Petroleum Exploration and Production Corporation launched an educational assistance program for girls, funding 201 girls' schools across three provinces in Egypt, benefiting 15,000 girls and training over 600 teachers.